Sensex and Nifty dip as Nifty IT outshines, Metal falters
Sensex is down by 0.49 per cent, hovering around 79,980, and Nifty is down by 0.55 per cent, trading near 24,350.
Market Update at 9:30 AM: On Thursday, markets opened on a positive note, with both Nifty and Sensex showing positive movement. Nifty IT led the gains and Nifty Metal was the biggest laggard.
As of now, the Sensex is down by 0.49 per cent, hovering around 79,980, and Nifty is down by 0.55 per cent, trading near 24,350. However, in the broader market, the Nifty Midcap rose about 0.28 per cent to about 57,510, and the Nifty Smallcap is down by 0.07 per cent, trading near 18,890.
India VIX up by 1.95 per cent and is trading at 15.15, indicating a slight rise in market volatility.
Within the sectoral landscape Nifty IT, Nifty Realty, and Nifty Media sector is among the Top Gainers while Nifty Metal, Nifty Fin Service and Nifty Auto is underperforming.
APOLLOHOSP, TATASTEEL, and COALINDIA are among the top gainers within the Nifty 50 while HINDALCO, ADANIENT, and BAJAJ-FINSV are among the Top Losers.
About 1,204 stocks are advancing as against to 1,039 stocks that are declining, thus indicating a positive sentiment in the broader market.
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Pre-Market Update at 8:30 AM: The Dow Jones Industrial Average surged 1,508.05 points (3.57 per cent) to 43,729.93, while the S&P 500 rose 146.28 points (2.53 per cent) to 5,929.04, and the Nasdaq Composite added 544.29 points (2.95 per cent) to 18,983.47. This marked the largest single-day percentage gain for both the Dow and S&P 500 since November 2022, and the biggest for the Nasdaq since February.
Financials led the S&P 500 sectors, climbing 6.16 per cent, with banks driving the surge. The S&P 500 bank index jumped 10.68 per cent, its largest daily increase in two years, amid expectations of eased regulations.
The GIFT Nifty is trading weak, indicating a negative start for the day. Nifty futures were trading at 24,595.00.
The U.S. 10-year Treasury yield stands at 4.426 per cent, while the 2-year bond yield at 4.256 per cent.
WTI crude rose to around $72 per barrel, and Brent crude surpassed $75 per barrel as investors assessed the impact of Donald Trump’s election win on oil markets.
A Trump administration is expected to boost US economic growth through spending and tax cuts, supporting oil consumption and US producers. However, there are concerns about how Trump's trade tariffs could impact China’s economy and reduce oil demand from the world's largest importer.
On November 6 2024, foreign institutional investors (FII) sold shares worth Rs 4,445 crore, while domestic institutional investors (DII) bought shares worth Rs 4,889 crore.
As of November 7, 2024, no stocks are under the F&O segment trading ban.
Disclaimer: The article is for informational purposes only and not investment advice.